Reuters: US Senate panel expected to vote on bill allowing lawsuits against OPEC

A US Senate panel will consider as soon as next week a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion on boosting petroleum prices, Senator Chuck Grassley's office said, Report informs referring to Reuters.

The bill, sponsored by Grassley, a Republican, Senator Amy Klobuchar, a Democrat, and others, will be considered as the Biden administration struggles to control oil and gasoline prices that have surged on uncertainty about global crude supplies after Russia’s invasion of Ukraine.

The NOPEC bill gives the option to the US Attorney General to sue oil-producing countries, such as those in the Organization of the Petroleum Exporting Countries, under anti-trust laws. A similar version passed the US House Judiciary Committee last year.

While NOPEC legislation has failed in the U.S. Congress for almost 22 years, backers said this could be the year it passes because of the actions by Russia, which has recently been producing about 10% of the world's oil.